DYDX plans to deploy the public testnet of its Cosmos-based blockchain next week, having completed Milestone 4 and having over 40 validators running its software. Connecting wallets, reading the order book, making market orders, and accessing account information will all be tested on the testnet. Currently, it will only function with Bitcoin and Ethereum markets, but DYDX intends to expand its network to include over 30 additional markets in the future. Milestone 5 will be completed with the introduction of the mainnet in September. DYDX recorded $466.3 billion in total transaction volume in 2022, a 140% increase over the previous year.
Starting in 2024, the European Central Bank (ECB) intends to investigate financial market settlement using distributed ledger technology (DLT). The bank is looking into new ways to settle securities and foreign exchange transactions, as well as drafting ideas for a retail central bank digital currency (CBDC) called the digital euro. The studies will be restricted in capacity and time and will be based on current standards, including pilot legislation authorized by the EU last year. The declaration was made at the inaugural meeting of a new industry association formed by the ECB, as traditional financial companies continue to investigate crypto and blockchain technologies. The ECB’s consulting board comprises traditional finance institutions such as Euroclear and Deutsche Bank, as well as DLT-focused projects such as HQLAX and Fnality. The European Commission has suggested new legislation for retail CBDC, including customer privacy and holding limitations to prevent deposits from exiting the banking system.